As per prices announced by largest retailer Indian Oil Corp (IOC), prices fell around nine paise in the four metro cities, while diesel prices remained unchanged over Saturday
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State-run oil marketing firms marginally lowered petrol prices for the fifth consecutive day on Sunday under the dynamic pricing regime although the rates continue to rule at unprecedented levels following the resumption of daily price changes after a 20-day suspension of the system last month owing to the Karnataka elections. As per prices announced by largest retailer Indian Oil Corp (IOC), prices fell around nine paise in the four metro cities, while diesel prices remained unchanged over Saturday.
In Delhi, petrol per litre on Sunday cost Rs 78.11, down from Rs 78.20 on Saturday. Similarly, in Mumbai and Kolkata, petrol prices were at Rs 85.92 and Rs 80.75 a litre respectively, while in Chennai petrol fell by ten paise on Sunday to Rs 81.09 per litre. Diesel prices, however, remained unchanged on Sunday. In Delhi, Kolkata, Mumbai and Chennai, the fuel sold for Rs 69.11, Rs 71.66, Rs 73.58 and Rs 72.97 per litre, respectively. Lower global crude oil cost, along with a strengthened rupee, has pulled down the prices of transportation fuels since May 30. On Saturday, Brent crude oil prices slipped to around $76 per barrel from $77 a barrel as global supply concerns eased.
A decline in global crude oil prices in turn lessen the cost of refined products like gasoline or petrol. The Indian rupee has also strengthened, easing the pressure on fuel prices. On a weekly basis, it appreciated by 72 paise to close at 67.06 against the US dollar from its previous week's close of 67.78 per greenback. The recent surge in the prices of key transportation fuels was attributed to a rise in crude oil cost, which rose till last week, and the high excise duties levied on the fuel in the country.
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